Wheels Up Lands $105M Sale-Leaseback Deal to Fuel Expansion
Wheels Up Experience, a leading private aviation company, announced on December 23, 2024, that it has secured a strategic $105 million sale-leaseback deal. This transaction, involving 10 business jets, forms a crucial part of the company’s ongoing transformation and fleet modernization strategy.
The deal encompasses seven Embraer Phenom 300 light jets and three Bombardier Challenger 300 midsize jets. Wheels Up will maintain operational control of all aircraft through long-term lease agreements. The proceeds from this deal will be allocated as follows:
- Approximately $65 million will be used to repay outstanding debt under the company’s revolving equipment notes facility.
- The remaining $40 million will provide cash for the balance sheet to support planned 2026 aircraft acquisitions.
This announcement was made alongside the introduction of Wheels Up’s first Phenom 300 equipped with Gogo Galileo HDX satellite Wi-Fi into service. This marks the start of a fleet-wide connectivity upgrade. The company, which is 37% owned by Delta Air Lines, is in the process of reorganizing its business following reported losses of $265 million in the first three quarters of 2025.
CEO George Mattson expressed that the transaction “validates our strategy via the partnership of a sophisticated financial institution” and bolsters sustainable growth plans for 2026.
Source: Flight Global